Hand Out Gloves Shark Tank Net Worth 2023
Hand Out Gloves, founded by Jake Sullivan and Don Wildman, was featured on Shark Tank USA in January 2017. The company designs mittens and gloves with strategically-placed waterproof zippers for skiers, snowboarders and winter walkers.
In their pitch to the Sharks, Sullivan and Wildman asked for $150,000 for 20% of their business plus a loan for $150,000. Barbara Corcoran offered them $300,000 as a line of credit (with 6% interest) for 25 percent equity plus an additional $300,000 from Wildman as capital.
As of 2021, Hand Out Gloves is reportedly doing $1 million in annual sales revenue. In addition to Hand Out Gloves, Wildman is also the co-founder of a Golfboarding product with pro surfer Laird Hamilton. The founders have a net worth of 5.6 Million USD as of 2022.
What Is Hand Out Gloves?
Hand Out Gloves are a type of heavily insulated gloves that feature zippers to facilitate quick removal of the gloves without taking them off completely.
Despite spending considerable time in cold weather outdoors, people still require the use of their hands. To address this need, Sullivan, an avid skier and hiker, founded the company in 2013 to provide better gloves and mittens for outdoor winter enthusiasts.
Wildman, the world’s oldest Ironman triathlete currently competing, who founded Bally’s Total Fitness, may or may not have a stake in the company or be there to assist with the pitch.
Taking off gloves entirely can lead to dropping, wetting, or losing them, which is not ideal. Sullivan’s design allows for the gloves to stay on the hand while also allowing the fingers to cool off or perform tasks that require the use of hands, such as dialing a phone.
There are three categories of gloves: lightweight, sport, and professional. Depending on the model, they may be made of leather or polyester and have a waterproof inner lining and water-resistant zippers for quick hand release. They also have straps to keep the detached section of the glove out of the way. The mittens work similarly. The Hand Out Gloves range in price from $40 to $120, depending on the model.
Sullivan’s gloves are currently available at ski stores, and he has representatives in every major ski market in the United States. The founders of Hand Out Gloves are Jake Sullivan and Don Wildman.
What Happen To Hand Out Gloves At The Shark Tank Pitch?
Jake and Don made an appearance on Shark Tank season 8 episode 11 where they sought a $150,000 investment and a $150,000 loan for a 20% stake in their company. This valued their firm at $750,000.
Wildman spoke about his previous business successes and explained that he partnered with Sullivan because he believed Hand Out Gloves would revolutionize the glove market. He demonstrated the gloves’ features by having a woman wearing them spin fire disks.
Don mentioned that he believed Jake needed more guidance since he was young and Don was 85 years old. Jake provided samples of the gloves to the Sharks.
The Sharks made comments on Don’s age and speculated about his marital history. Don explained that he was worth approximately $100 million.
The Sharks inquired about the company’s sales and manufacturing costs. Jake explained that the cost and selling price varied depending on the glove. They made a lightweight glove for $11, which they sold wholesale for $20 and retail for $40. The glove that Robert was wearing cost $32 to manufacture, sold wholesale for $60, and retailed for $120.
In their first year, the company earned $15,000, but after being picked up by REI and selling on Amazon and their website, they made $125,000 in the second year.
Barbara offered $150,000 for 12.5% but requested another Shark to join her with an additional $150,000 and 12.5%.
Robert decided to leave the deal, and Mark was unable to participate due to his employees not attending outdoor markets. Kevin opted out of the deal as well. Lori did not invest due to the high competition in the market.
Barbara ultimately agreed to contribute $300,000 to the fund, and Don provided an additional $300,000 to assist with bookkeeping. Barbara offered a $300,000 line of credit at 6% interest in exchange for a 25% stake in the company.
Hand Out Gloves After The Shark Tank Pitch
It’s not clear whether the transaction with Barbara was completed or not. However, Hand Out Gloves has increased its retail presence and strengthened its Amazon store since its debut.
They have also added fishing gloves made of neoprene and lightweight materials. Unfortunately, Wildman passed away in September 2018 after a long battle with cancer, during which he declined therapy.
In 2019, the company planned to expand its product line with hunting and work gloves. The company is still operating as of November 2021 and has indeed added hunting, fishing, and work gloves to their collection. They experienced supply chain challenges during the Covid-19 pandemic, which resulted in a shortage of snow gloves. However, they plan to restock in November 2021.
Currently, Hand Out Gloves’ retail presence is limited to independent retailers and ski locations, but they are still generating an annual sales revenue of $1 million.
Hand Out Gloves Net Worth
Jake and Don appear on Shark Tank season 8 episode 11 in search of $150,000 for a 20% stake in their firm and a $150,000 loan. This corresponds to a $750,000 value.
They accepted an offer from Barbara of $300,000 as a line of credit at 6% interest for 25% stake thus valuing it at $1.2 million.
Hand Out Gloves Competitors
Hand Out Gloves FAQS
How can they contact Hand Out Gloves in media matters?
Send your message to their official website www.handoutgloves.com.
Are hand out gloves warm?
Hand Out Gloves & Mittens keep them warm and dry, opening in a single swift zip to liberate their hand for more dexterity or to quickly dump heat.
Breathable – The Hand Out Gloves and Mittens enable moisture to evaporate quickly, keeping them cool and comfortable.
Resilient – Hand Out Gloves are constructed to withstand the rigors of season after season.
How much is Hand Out Gloves costs?
Hand Out Gloves range in price from $40 to $120, depending on the model. Sullivan’s gloves are presently available at ski stores.
Who owns Hand Out Gloves?
Don Wildman and Jake Sullivan launched Hand Out Gloves in 2013 at Brighton Resort in Utah to help snowboarders and skiers improve their experience with their gear.
Their gloves and mittens enable users to swiftly and easily reach all pieces of equipment.
Is Hand Out Gloves a private or public Company?
Hand Out Gloves is a privately held company. They are headquartered in Salt Lake City, Utah, United States of America.
Where is the headquarters of Hand Out Gloves?
Hand Out Gloves LLC is headquartered in Sandy, Utah.
What is Hand Out Gloves industry?
Hand Out Gloves is a merchant wholesaler of Apparel, Piece Goods, and Notions.
What is the phone number for Hand Out Gloves?
The telephone number for Hand Out Gloves is (801) 783-9152.
What is Hand Out Gloves website?
The website for Hand Out Gloves is www.handoutgloves.com.
Who is Hand Out Gloves key principal?
Jake L Sullivan is the primary principle of Hand Out Gloves.
When was Hand Out Gloves founded?
Hand Out Gloves began in 2013.
How is the business model for Hand Out Gloves?
They sell retail and wholesale to stores, distributors and individuals via their website.
Is handout gloves still in business?
The company is still operating as of November 2021. As intended, they added hunting, fishing, and labour gloves to the collection.
What is the Hand Out Gloves on Shark Tank?
They are Gloves and mittens constructed of thick, durable material are an absolute necessity for high-intensity sports.
Their thermal and waterproof properties enable hunters, fishermen, skiers, and other adventurers to engage in severe sports with reasonable ease.
What was the amount of the investment of Hand Out Gloves in Shark Tank?
It was $300,000 as a line of credit for 25%.
What is the net worth of Don Wildman?
Don confirmed that he was worth about $100 million on the Shark Tank Pitch.
What is the net worth of Jake Sullivan?